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Mortgage article 15:CML Launches New Initiative to Enhance Consumer Protection; page 2
ensure that their staff are properly trained, qualified, experienced and supervised.
Since the CML first introduced the Code in 1997 to help reinforce consumer protection, 9.5 million copies of it have been distributed to mortgage customers. More than 45 million copies of the You and Your Mortgage leaflet, abridging the Code, have been given to customers so far. The new version of the leaflet bears a crystal mark for clarity from the Plain English Campaign.
The new leaflet ensures that information given to consumers about the Mortgage Code is now in line with the recommendations of the Banking Services Consumer Codes Review Group, chaired by DeAnne Julius, of the Bank of England. It also incorporates new standards for the fitness and propriety of firms and professionally qualified staff that have been introduced by the Mortgage Code Compliance Board.
Commenting on the CML's decision to launch the new leaflet, the Economic Secretary to the Treasury, Ruth Kelly MP, said:
"I have been keen to see that consumers benefit from the recommendations by the Codes Review Group and I therefore welcome the CML's decision to incorporate these in its new consumer leaflet. In the absence of the statutory regulation of mortgages, the Mortgage Code has provided important consumer safeguards and will continue to play a crucial role during the next two years in helping to ensure that there is a smooth transition to the statutory regime."
The CML's Director General Michael Coogan said:
We agree with the DeAnne Julius recommendations, and revising our consumer leaflet is a sensible way of ensuring that they are incorporated in the information available to mortgage customers. This solution is in keeping with our overall objective of effective and proportionate regulation." End of article - Back to mortgage articles list
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